Global Flexible Packaging Market to Cross $ 129 Billion by 2024
Rising
demand for packaged foods, convenient packaging and substitutes for rigid
packaging materials to drive global flexible packaging market through 2024
According to TechSci Research
report, “Global Flexible Packaging Market By Product
Type, By Material Type, By Printing Technology, By Application, By Region,
Competition, Forecast & Opportunities, 2024”, global flexible packaging market is projected
to reach $ 129 billion by 2024. Flexible packaging is basically a package or
container made of flexible or easily yielding materials that, when closed or
filled, can be readily changed in shape. The material for flexible packaging is
generally plastic film, paper, foil or any of these combinations. Growing requirement for food and packaging and development
of numerous production technologies are some of the major factors boosting global
flexible packaging market. This increase in demand can be attributed to factors
such as shifting lifestyle, technological improvements, modern retail trades and
growing popularity of quick-service restaurants.
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Considering the
application segments in global flexible packaging market, the market has been segmented
into food & beverages, healthcare, cosmetics & toiletries and others. Of
these sub-segments, food & beverages sector is the largest application
segment, accounting for nearly one-third of the market in 2018. Increasing
demand for packaged food including ready-to-eat food, frozen food, snacks and
cake mixtures is expected to prompt manufacturers to enhance their production
capacity, thereby expanding the demand for flexible packaging in the sector
during the forecast period. As a result, food & beverages segment is likely
to maintain its market dominance in coming years. Owing to rapidly growing food & beverages sector in
Asia-Pacific, the region accounted for the largest market share in 2018 and is
expected to continue its market dominance through 2024.
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“One of the significant
trends propeling the demand for flexible packaging is global expansion of the
pharmaceutical industry, which is register strong growth due to advancements in
science and technology. In coming years, this trend is anticipated to continue,
especially in developing Asian countries such as India and China. Such market
developments would aid global flexible packaging market.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Flexible Packaging Market By Product
Type, By Material Type, By Printing Technology, By Application, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global
flexible packaging market and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers to take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in global flexible packaging market.
About TechSci Research
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